• Rajasthan

    Cong 101
    BJP 80
    RLM 0
    OTH 15
  • Madhya Pradesh

    Cong 112
    BJP 95
    BSP 5
    OTH 8
  • Chhattisgarh

    Cong 53
    BJP 26
    JCC 9
    OTH 1
  • Telangana

    TRS-AIMIM 82
    TDP-Cong 25
    BJP 6
    OTH 6
  • Mizoram

    MNF 25
    Cong 10
    BJP 1
    OTH 4

* Total Tally Reflects Leads + Wins

Southeast Asia Stocks-Sluggish ahead of Fed meeting; Singapore closes at 1-week low

By: | Published: March 9, 2017 4:57 PM

Most Southeast Asian stock markets fell on Thursday after a strong private payroll report from the United States made a rate hike by the Federal Reserve a near certainty.

Thai shares trimmed early falls to close marginally lower with energy and material stocks weighing on the index. (Reuters)

Most Southeast Asian stock markets fell on Thursday after a strong private payroll report from the United States made a rate hike by the Federal Reserve a near certainty. U.S. private sector job growth recorded its biggest increase in more than a year in February amid a surge in construction and factory hiring, suggesting the economy stays on solid ground. “People are concerned that the Fed may be more hawkish than previously expected,” said Liu Jinshu, director of research at NRA Securities.

“There are fears that not only will the Fed hike interest rates in March, but they may even hike the trajectory of rates.” Singapore shares fell nearly 1 percent to their lowest close since Feb. 28, dragged down by financials. DBS Group, the city-state’s largest bank by market capitalisation, closed at its lowest in over a week.

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Thai shares trimmed early falls to close marginally lower with energy and material stocks weighing on the index. Oil and gas supplier PTT Pcl fell 1 percent, while refiner Thai Oil Pcl closed 2 percent lower. Oil prices rallied on Thursday, recovering ground after the biggest falls this year, but record U.S. crude inventories kept sentiment weak, pointing to a global glut despite supply cuts. Malaysian shares closed 0.5 percent lower with financials being the main drag.

Malayan Banking Bhd posted its biggest percentage loss since Jan. 16 with a drop of 1.13 percent. Philippine shares settled flat after rising 0.4 percent earlier, as gains in industrials and telecoms were offset by losses in consumer staple and real estate stocks. Indonesia closed nearly unchanged with the index of the 45 most liquid stocks reflecting the subdued sentiment in the market.

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